1. Summary Information

		Country	India
Company Name	Flextronics Technologies (India) Private Limited	Principal Name 1	Mr. Ashok Dhawan
Status	Moderate	Principal Name 2	Mr. Manny Al Marimuthu
		Registration #	18-070708
Street Address	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village – 602 106, Tamilnadu, India
Established Date	12.01.2001	SIC Code	--
Telephone#	91-44-37180264/ 67105000	Business Style 1	Manufacturing
Fax #	91-44-45050492	Business Style 2	--
Homepage	www.flextronics.com	Product Name 1	Printed Circuit Boards
# of employees	700 Approximately (In Office 20, In Factory 680)	Product Name 2	Multiplexers
Paid up capital	Rs.1659,146,000	Product Name 3	--
Shareholders	Foreign holdings - 100%	Banking	Citi Bank
Public Limited Corp.	NO	Business Period	11 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Mauritius	Flextronics International Asia Pacific Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,971,398,000	Current Liabilities	2,254,810,000
Inventories	767,393,000	Long-term Liabilities	14,979,000
Fixed Assets	1,554,851,000	Other Liabilities	0
Deferred Assets	0	Total Liabilities	2269,789,000
Invest& other Assets	69,071,000	Retained Earnings	2885,987,000
		Net Worth	2092,924,000
Total Assets	4,362,713	Total Liab. & Equity	4,362,713,000
Total Assets (Previous Year)	3,276,458,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,541,938,000 (Including Other Income)	Net Profit	(231,004,000)
Sales(Previous yr)	2,131,751,000	Net Profit(Prev.yr)	159,000

MIRA INFORM REPORT

Report Date :

09.10.2012

IDENTIFICATION DETAILS

Name :	FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.01.2001
Com. Reg. No.:	18-070708
Capital Investment / Paid-up Capital :	Rs.1659.146 millions
CIN No.: [Company Identification No.]	U31909TN2001PTC070708
PAN No.: [Permanent Account No.]	AAACF5248E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Printed Circuit Boards and Multiplexers.
No. of Employees :	700 Approximately (In Office 20, In Factory 680)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 8371000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears a huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Plot No. 3, Phase II, Sipcot Industrial Park, Sriperumbunder Taluk, Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu, India
Tel. No.:	91-44-37180264 / 67105000
Fax No.:	91-44-45050492
E-Mail :	omesh.raina@rediffmail.com omesh.raina@in.flextronics.com rajiv.bhandari@in.flextronics.com prasad.Amirthiyya@in.flextronics.com monika.dhanuka@in.flextronics.con
Website :	www.flextronics.com
Area :	18000 sq. ft.
Location :	Owned
Factory 1 :	A-380, Defense Colony, New Delhi-110 024, India
Factory 2 :	28A, Electronic City, Hosur Road, Bangalore, Karnataka, India
Location :	Leased
Branch Office 1:	17, Subhash Marg, Daryaganj, New Delhi – 110 002, India
Tel. No.:	91-11-23272024/ 64
Fax No.:	91-11-23287371
Branch Office 2:	Finance Shared Services, Baan Company 125, AP812, Ispahani Centre, 123/124, Nungambakkam High Road, Chennai – 600 034, Tamilnadu, India
Tel. No.:	91-44-66251200/ 67105152
Branch Office 3:	AP828 RMZ Millennia Business Park, 7^th Floor, Campus II, No. 143, Dr. MGR Road, Kandanchavadi, Chennai-600 096, Tamilnadu, India

DIRECTORS

As on 15.12.2011

Name :

Mr. Ashok Dhawan

Designation :

Managing Director

Address :

43B, Raheja Park Plaza, Near Yari Road, Andheri (West), Mumbai-400061, Maharashtra, India

Date of Birth/Age :

10.11.1964

Qualification :

Diploma in Hotel Management and MBA Finance

Experience :

22 Years

Date of Appointment :

29.09.2008

DIN No.:

00798959

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909TN2001PTC070708	FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED	Managing director	29/09/2008	15/11/2007	-	Active	NO

Name :

Mr. Manny Al Marimuthu

Designation :

Director

Address :

No 5 Lot 32 , Persiaran Kudalari, Country Heights, Kajang, Selangor, Darul Eshan, Kuala Lumpur, Malaysia - 43000

Date of Birth/Age :

11.10.1961

Date of Appointment :

12.01.2001

DIN No.:

00867715

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909TN2001PTC070708	FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	12/01/2001	12/01/2001	-	Active	NO
2	U30006KA2006PTC040491	SOLECTRON INDIA PRIVATE LIMITED	Director	25/09/2008	01/10/2007	-	Amalgamated	NO
3	U85110KA1994PTC015357	FLEXTRONICS DESIGN PRIVATE LIMITED	Director	28/11/2007	09/11/2007	-	Active	NO
4	U72200KA2003PTC031806	FLEXTRONICS DESIGN CONSUMER ELECTRONICS (INDIA) PRIVATE LIMITED	Director	30/09/2008	27/11/2007	-	Amalgamated	NO
5	L32109KA2006PLC040641	SOLECTRON EMS INDIA LIMITED	Director	24/03/2008	28/11/2007	-	Amalgamated	NO
6	U51505TN2007FTC065546	FLEXPOWER INDIA PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
7	U72900KA2004PTC034404	COLDWATT INDIA PRIVATE LIMITED	Director	25/09/2008	25/06/2008	-	Amalgamated	NO
8	L85110KA1993PLC013869	CENTUM ELECTRONICS LIMITED	Director	28/09/2010	09/08/2010	16/08/2012	Active	NO

Name :

Mr. Bernard Jin Yang Liew

Designation :

Director

Address :

23 Palm Drive, Singapore 456507

Date of Birth/Age :

06.02.1965

Date of Appointment :

29.09.2009

DIN No.:

02713564

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30006KA2006PTC040491	SOLECTRON INDIA PRIVATE LIMITED	Director	29/09/2009	29/07/2009	-	Amalgamated	NO
2	U72900KA2004PTC034404	COLDWATT INDIA PRIVATE LIMITED	Director	30/09/2009	29/07/2009	-	Amalgamated	NO
3	U31909TN2001PTC070708	FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29/09/2009	29/07/2009	-	Active	NO
4	U51505TN2007FTC065546	FLEXPOWER INDIA PRIVATE LIMITED	Director	27/08/2010	01/02/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.12.2011

Names of Shareholders	No. of Equity Shares
Flextronics International Asia Pacific Limited, Mauritius	58541911
Flextronics Telecom Systems Limited, Mauritius	1401914
Coidwatt Inc, U.S.A	1
Flextronics Mauritius Limited, Mauritius	302558
Total	60246384

Names of Shareholders	No. of Preference Shares
Flextronics International Asia Pacific Limited, Mauritius	105668199
Total	105668199

Equity Share Break up (Percentage of Total Equity)

As on 15.12.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Printed Circuit Boards and Multiplexers.

Products :

Item Code No. (ITC)	Product Description
853400	Printed Circuit Board
851700	Multiplexers

GENERAL INFORMATION

No. of Employees :

700 Approximately (In Office 20, In Factory 680)

Bankers :

Citi Bank, M G Road, Bangalore, Karnataka, India

Facilities :

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans others unsecured	14.979	37.500
Total	14.979	37.5008

Banking Relations :	--
Auditors :
Name :	Jain Christopher Srikanth and Srikanth Chartered Accountants
Address :	II Floor, Uniworth Plaza, No. 20, Sankey Road, Bangalore-560020, Karnataka, India
PAN No.:	AADFJ0586H
Holding Company:	Flextronics International Asia Pacific Limited, Mauritius
Associated Enterprise:	· Flextronics Manufacturing (Zhuhai) Company Limited · Flextronics Manufacturing Zhuhai ( Mauritius ) Company, Limited · Flextronics Manufacturing (HK) Limited · Flextronics Manufacturing ( Singapore ) Pte Limited · Flextronics Manufacturing Mexico (GDL) · Flextronics Manufacturing ST ETIENNE · Flextronics Manufacturing AGUASCALIENTES SA DE CV · Flextronics Enclosure (Zhuhai) Company Limited · Flextronics Enclosure Systems ( Changzhou ) Limited · Flextronics Enclosures ( Hong Kong ) Limited · Flextronics Industrial (Zhuhai) Company Limited · Flextronics Industrial Zone · Flextronics Industrial (Shenzhen) Limited · Flextronics International Poland SP · Flextronics International USA, Inc · Flextronics International Japan Company Limited · Flextronics International Norway AS · Flextronics International Sweden AB · Flextronics International Latin America, Limited · Flextronics International KFT · Flextronics International Limited · Flextronics International USA Limited · Flextronics International Singapore Pte. Limited · Flextronics International Technologies Limited · Flextronics International ( Taiwan ) Limited · Flextronics International Europe B.V. · Flextronics Industries (HK) Limited · Flextronics Industries Marketing (L) Limited · Flextronics Plastics Singapore Pte Limited · Flextronics Plastics ( Malaysia ) SDN BHD · Solectron Hungary Electronics KFT · Flextronics Marketing (L) Limited · Solectron USA LLC · Flextronics Metal Specialties Inc · Flextronics Design Private Limited · Flextronics Canada Design Services Inc · Flextronics Logistics B.V · Flex Consumer - Digital Multimedia · Flexpower India Private Limited · Flextronics ( Canada ) Inc · PCBA TCZEW Poland · Flextronics America LLC · Flextronics CHATEAUDUNSNC · Flextronics Cork · Flextronics USA INC · Flextronics Holding GMBH · Flextronics International Management Services Limited · Flextronics International AGUASCALIENTES (L) Limited · Flextronics International -PIC Stock Locations · Flextronics International EQTOS SERV Limited · Flextronics Mechanical Marketing(L)Limited · Flextronics Sales & Marketing (A-P) Limited · Flextronics Sales & Marketing North Asia Limited · Flextronics Technology ( Malaysia ) SDN BHD · Flextronics Technology ( Shanghai ) Company Limited · Flextronics Technology (Shah Alam) SDN BHD · Flextronics Technology Singapore Pte Limited · Flextronics Technology ( Penang) SDN BHD · Flextronics Technology Zhuhai Company Limited · Flextronics Shenzhen Technology Company Limited · Multek Technologies Limited · Vista Point Technologies ( Malaysia ) SDN BHD · Flextronics Nanjing · Express Cargo Forwarding Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
129500000	Equity Shares	Rs.10/- each	Rs.1295.000 Millions
115000000	Preference Shares	Rs.10/- each	Rs.1150.000 Millions
	Total		Rs.2445.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60246384	Equity Shares	Rs.10/- each	Rs.602.464 Millions
105668199	Preference Shares	Rs.10/- each	Rs.1056.682 Millions
	Total		Rs.1659.146 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1659.146	1642.101	1403.339
2] Share Application Money		0.000	0.000	716.288
3] Reserves & Surplus		2885.987	2794.213	2316.688
4] (Accumulated Losses)		(2452.209)	(2139.454)	(2139.613)
NETWORTH		2092.924	2296.860	2296.702
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		14.979	37.500	0.000
TOTAL BORROWING		14.979	37.500	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2107.903	2334.360	2296.702
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1554.851	1830.736	2144.637
Capital work-in-progress		69.071	0.000	1.270
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	767.393	236.659	229.024
	Sundry Debtors	1101.460	422.811	652.186
	Cash & Bank Balances	415.577	302.453	700.962
	Other Current Assets	17.728	0.000	0.000
	Loans & Advances	436.633	483.799	642.327
Total Current Assets		2738.791	1445.722	2224.499
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2167.406	672.715	1563.184
	Other Current Liabilities		205.327	454.495
	Provisions	87.404	64.056	56.025
Total Current Liabilities		2254.810	942.098	2073.704
Net Current Assets		483.981	503.624	150.795
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2107.903	2334.360	2296.702

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations	3541.938	2131.751	5749.111
		Other Income		267.190	266.707
		TOTAL	3541.938	2398.941	6015.818
Less	EXPENSES
		Manufacturing Expenses	3748.988 (Including Depreciation and Other Expenses)	822.198	4375.948
		Personnel Expenses		742.781	833.545
		Operating and Other Expenses		435.110	1152.864
		Selling and Marketing Expenses		8.135	23.802
		Increase / (Decrease) in inventories		(36.478)	(3.880)
		TOTAL		1971.746	6382.279
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION			427.195	(366.461)
Less/ Add	DEPRECIATION AND AMORTISATION			418.294	417.101
	PROFIT/LOSS BEFORE TAX		(207.050)	8.901	(783.562)
Less	TAX		0.000	0.000	10.721
Add	EXTRAORDINARY ITEMS		0.000	0.000	0.331
Add	PRIOR PERIOD ADJUSTMENTS		(23.954)	(8.742)	(7.893)
	PROFIT/LOSS AFTER TAX		(231.004)	0.159	(801.845)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2221.204)	(2139.613)	(1337.768)
	BALANCE CARRIED TO THE B/S		(2452.209)	(2139.454)	(2139.613)
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	2108.694	257.506	1585.559
		Service income		975.795	1086.876
		Reimbursements		90.433	60.090
		Interest on deposits		0.000	0.077
	TOTAL EARNINGS		2108.694	1323.734	2732.602
	IMPORTS
		Raw Materials	NA	356.482	3336.903
		Capital equipment (including spares and components)		36.719	89.257
	TOTAL IMPORTS		NA	393.201	3426.160
	Earnings Per Share (Rs.)		(1.39)	0.0028	(27.63)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.52	0.01	(13.33)
Net Profit Margin (PBT/Sales)	(%)	NA	0.42	(13.63)
Return on Total Assets (PBT/Total Assets}	(%)	(4.82)	0.27	(17.93)
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.00	(0.34)
Debt Equity Ratio (Total Liability/Networth)		1.08	0.43	0.90
Current Ratio (Current Asset/Current Liability)		1.21	1.53	1.07

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------
26]	Buyer visit details	-------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The Registered Office of the company has been shifted from 88A, Electronic City, Hosur Road, Bangalore, Karnataka, India to the present address w.e.f. 12.11.2008.

MERGER AND AMALGAMATION

The Board of Directors of the Company vide its Circular resolution No. 10 dated 11 th January 2010 approved a Scheme of Arrangement of the Company with Flextronics Design Consumer Electronics (India) Private Limited (hereinafter referred to as the “FDCE”), Solectron India Private Limited (hereinafter referred to as the “SIPL”) and Coldwatt India Private Limited (hereinafter referred to as the “CIPL”) be amalgamated with the Company with effect from the Appointed Date, i.e. 1 st day of April, 2009.

The said Scheme of Arrangement was approved by the High Court of Bangalore, vide its Order dated 15 th July 2010. Pursuant to the Order of the High Court of Bangalore, the application for approval to the Scheme of Arrangement has been filed with the High Court of Chennai for which the scheme has been approved vides its order dated 16 th December 2010.

ACKNOWLEDGEMENT

The Directors take this opportunity to thank and acknowledge the continued support and wise counsel of the Company’s bankers, departments and agencies of Central and State Governments and local authorities received to the Company’s operations. The Directors are also grateful to the customers, suppliers and business associates of the Company for their continued support and co-operation. Last but not the least, the Directors place on record their deep sense of appreciation of the significant contributions made, commitment and support extended by the employees at all the levels for the growth attained by the Company.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.21
UK Pound	1	Rs. 84.00
Euro	1	Rs. 67.75

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.